Thought Articles

This article appeared in the 2015 edition of The International Comparative Legal Guide to: Private Equity; published by Global Legal Group Ltd, London. The International Comparative Legal Guide to: Private Equity provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of private equity. As a general feature, Romania is a market with significant potential, still being a rather emerging market; this potential for growth, combined with the controlled operating framework ensured by its membership to the EU create an attractive balance for investors. The increased availability of financing in the past years was also a key driver for PE transactions. Notably, the IT field benefits from a favourable tax regime – being one of the most ascending business areas; also, the major recent decrease of VAT on food and beverages is expected to give a an additional boost to the retail industry.

Reproduced with permission from Law Business Research Ltd. This article was first published in The Intellectual Property Review - Edition 4 (published in May 2015 – editor Robert L Baechtold). The Romanian legal framework on IP rights has been gradually harmonised with the corresponding European legislation (relevant EU Directives and EU Regulations) and, generally, with the principles provided in international treaties and conventions. In Romania, in recent years, there has been significantly more awareness about protection of IP rights and this is reflected in the increasing number of applications for protection. The increase of patent and trademarks filings is expected to generate an increased demand for professional services in the field of IP rights.

Reproduced with permission from Law Business Research Ltd. This article was first published in The Government Procurement Review - Edition 3 (published in May 2015 – editors Jonathan Davey and Amy Gatenby). The third edition of The Government Procurement Review brings even wider geographic coverage than the second edition, now covering six continents and 27 national chapters (including the EU chapter). In Romania, public procurement contracts are essentially regulated by Government Emergency Ordinance No. 34/2006 on the award of public procurement contracts, public works concession contracts and service concession contracts (GEO No. 34/2006). Specific sector regulation and clarifications of GEO No. 34/2006 can be found in the secondary legislation, consisting of government decisions and National Authority for the Regulation and Monitoring of Public Procurement (ANRMAP) orders. GEO No. 34/2006 transposes EC directives on public procurement and creates the legal framework to secure compliance with the principles of contract awarding in public procurement: non-discrimination, equal treatment, mutual recognition, transparency, proportionality, optimum use of funds and undertaking of liability.

The publication addresses the most important legal issues relevant for legal practitioners and business people dealing with cloud computing products and services in 26 jurisdictions across the region. The Romania chapter briefly outlines the non-sector-specific data protection requirements that organizations or institutions need to bear in mind in relation to their use of cloud computing.

Reproduced with permission from Law Business Research Ltd. This article was first published in Getting the Deal Through: Labour & Employment 2015, (published in April 2015; contributing editors: Mark Zelek, Matthew Howse, Sabine Smith-Vidal and Walter Ahrens, Morgan Lewis & Bockius LLP). Romania is a civil law jurisdiction and the core employment regulation is the Labour Code. Besides the Labour Code, specific tailored legal enactments regulate other employment-related aspects, such as employment safety and health, insurance for work accidents and professional diseases and social dialogue. Collective bargaining agreements also provide binding rules and obligations to be complied with by the employers. Finally, considering Romania’s accession to the European Union, which took place on 1 January 2007, EU legislation and ECJ decisions are also relevant.

Reproduced with permission from Law Business Research Ltd. This article was first published in The Corporate Governance Review - Edition 5 (published in March 2015 – editor Willem J L Calkoen). Law No. 31/1990 on companies, republished in 2004 and further amended and completed (the Companies Law) and the Capital Market Law No. 297/2004, as further amended and completed (the Capital Market Law), represent the primary sources of law relating to the corporate governance of listed companies in Romania. In addition, as an independent agency the securities regulator, the Financial Supervisory Authority (ASF) may issue legally binding regulations. Furthermore, Government Emergency Ordinance No. 109/2011 concerning the corporate governance of public enterprises (GEO No. 109/2011) sets out specific statutory rules for the corporate governance of enterprises controlled by the Romanian state (a significant number of the targeted companies that are listed on the Romanian regulated markets or that are envisaged for listing in the near future).